Handy & Harman Ltd. Extends Tender Offer for Shares of JPS
Industries, Inc. Until March 9, 2015, Due to Entering Into Discussions
with the Company

The Extension of the Tender Offer is Intended to Facilitate the
Discussions between Handy & Harman and JPS Regarding a Potential
Negotiated Transaction

February 23, 2015 08:23 AM Eastern Daylight Time

WHITE PLAINS, N.Y.--(EON: Enhanced Online News)--Handy & Harman Ltd. (NASDAQ:HNH) (“HNH”), a diversified global
industrial company, announced today, that its wholly owned subsidiary,
Handy & Harman Group Ltd. (“HNH Group”), through one of HNH Group’s
subsidiaries, HNH Group Acquisition LLC (the “Purchaser”), has extended
the expiration of its previously announced tender offer to purchase up
to 10,028,724 shares, or approximately 96.5% of the outstanding shares,
of common stock of JPS Industries, Inc. (Pink Sheets: JPST) (the
“Company” or “JPS”), at a price of $10.00 per share in cash to all
stockholders other than SPH Group Holdings LLC (“SPHG Holdings”), a
subsidiary of Steel Partners Holdings L.P. (NYSE: SPLP) (“SPH”), the
parent company of HNH, and with respect to the shares owned by SPHG
Holdings, in exchange for common stock of HNH, to 5:00 p.m., New York
City Time, on March 9, 2015, unless further extended. The tender offer
had been previously scheduled to expire at 5:00 p.m., New York City
Time, on February 26, 2015. This extension to the tender offer is due to
HNH entering into discussions with the Company on a potential negotiated
transaction. There is no assurance that HNH and the Company will enter
into a definitive agreement.

The depositary for the tender offer has advised that, as of the close of
business on February 20, 2015, a total of approximately 42,000 shares,
or approximately 0.40% of the outstanding shares, of JPS’ common stock,
had been validly tendered into, and not properly withdrawn from, the
tender offer.

MacKenzie Partners, Inc. is the Information Agent for this
fully-financed tender offer and any questions or requests for the Offer
to Purchase and related materials with respect to the tender offer may
be directed to MacKenzie Partners, Inc. by telephone at (800) 322-2885
or email at tenderoffer@mackenziepartners.com.

Notice to Investors

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN
OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE
SOLICITATION AND THE OFFER TO BUY THE COMPANY’S COMMON STOCK IS ONLY
BEING MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT
THE PURCHASER HAS MAILED TO REGISTERED HOLDERS OF THE COMPANY’S COMMON
STOCK. SHAREHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY
CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE
TENDER OFFER. SHAREHOLDERS WILL BE ABLE TO OBTAIN THE OFFER TO PURCHASE
AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER FREE BY
CONTACTING MACKENZIE PARTNERS, INC. BY TELEPHONE AT (800) 322-2885 OR
EMAIL AT TENDEROFFER@MACKENZIEPARTNERS.COM.

Forward-Looking Statements

This release contains forward-looking statements relating to HNH’s
(through an indirect subsidiary) tender offer for shares of common stock
of the Company and HNH’s expectations with regard to the proposed
transaction. These forward-looking statements are based on HNH’s current
intent, expectations, estimates and projections and are not guarantees
of future performance. These statements involve risks, uncertainties,
assumptions and other factors that are difficult to predict and that
could cause actual results to vary materially from those expressed in or
indicated by them. In addition, some factors are beyond HNH’s control.
Factors that could cause actual results to differ materially from the
statements made in this release include, among others, the willingness
of the Company’s shareholders to tender their shares in the offer, the
number and timing of shares tendered and the satisfaction or waiver by
HNH to the extent legally permissible of all conditions to the offer.
HNH undertakes no obligation to update information contained in this
release.

About Handy & Harman Ltd.

Handy & Harman Ltd. is a diversified manufacturer of engineered niche
industrial products with leading market positions in many of the markets
it serves. Through its wholly-owned operating subsidiaries, HNH focuses
on high margin products and innovative technology and serves customers
across a wide range of end markets. HNH's diverse product offerings are
marketed throughout the United States and internationally.

HNH's companies are organized into four businesses: Joining Materials,
Tubing, Building Materials and Kasco.

The Company sells its products and services through direct sales forces,
distributors, and manufacturer's representatives. HNH serves a diverse
customer base, including the construction, electrical, transportation,
utility, medical, oil and gas exploration and food industries.

The Company’s business strategy is to enhance the growth and
profitability of the HNH business units and to build upon their
strengths through internal growth and strategic acquisitions. Management
expects HNH to continue to focus on high margin products and innovative
technology. Management has evaluated and will continue to evaluate, from
time to time, potential strategic and opportunistic acquisition
opportunities, as well as the potential sale of certain businesses and
assets.

The Company is based in White Plains, N.Y., and its common stock is
listed on the NASDAQ Capital Market under the symbol HNH. Website: www.handyharman.com